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“When a crypto intermediarycombines all of these functions under one roof — as we allege that Beaxydid — investors are at serious risk. The blurring of functions and the lack ofregistrations meant that regulations designed to protect investors were notfollowed or even recognized by Beaxy,” Grewal explained. Speaking on the case, Gurbir S.Grewal, the Director of the SEC’s Division of Enforcement, noted separateregistration requirements exist for organizations that want to operate asexchanges, brokers and clearing agencies. These requirements are targeted at protectinginvestors and ensuring checks and balances among the various firms. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. We advocate for you to do your own research and make educated financial decisions.

The site accepts multiple types of fiat via bank and wire transfers while also accepting crypto deposits. In addition, they have a partnership with Gunbot, a leading trading bot platform. While they are a relatively new exchange, they are attempting to rival giants such as Binance and KuCoin with their rewards programs. Each registered Beaxy user will be able to take advantage of our Referral Program.

Cryptocurrency exchange, Beaxy,has shut down its operations afterover three years oflaunching into the market. The exchange ceased itsoperations in the wake of a lawsuit from the United States Securities andExchange (SEC) which charged the platform and its executives for operating anunregistered exchange, brokerage andclearing agency. No, Beaxy is not similar to a traditional finance broker, they offer no financial services such as lending. Users must already have assets to bring to the exchange in order to make use of it.

• We advocate for you to do your own research and make educated financial decisions.
• They also offer a mobile app for iOS and Android for those interested in trading on the go.
• This includes $79,200 in civil penalties to be paid by Windy, Abbot andMurphy.

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• In short, the digital assets are under bulletproof protection on Beaxy thanks to Curv’s approach to security.
• Beaxy aims to create the ultimate all-in-one cryptocurrency exchange, with more tools at your disposal than ever before, and a user experience that is unmatched.
• “When a crypto intermediarycombines all of these functions under one roof — as we allege that Beaxydid — investors are at serious risk.
• In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program.
• In addition, the SEC charged two managers, Nicholas Murphy and Randolph Bay Abbott, for operatingBeaxy Exchange as an unregistered exchange, broker and clearing agency throughWindy Inc.

(Note the 50% discount will be adjusted from your new fee schedule after locking in your staked tokens). In a separate development, the US derivatives regulator also recently brought charges against Binance for operating an illegal digital asset derivatives exchange. In addition to the fee reduction, BXY tokens can be allocated to Beaxy’s STK Loyalty Program. In the STK Loyalty Program, users can stake/lock their BXY for a period of one to twelve months, whichever length they choose is the interest amount they receive (ie one month gives you 1% apy, 12 months gives you 12%). They are also planning on launching a Diamond tier where those who stake over 1 million BXY tokens will receive a prorated distribution of 7% of the exchange’s average daily revenue.

Beaxy Promises to Open Asset

If you refer a friend, you will receive 10% of their transaction fees for the lifetime of their account. Any referrals confirmed during the demo will also be transferred towards your account at the initial launch of the live platform, this way you can receive benefits for referring new users without having to wait for the final product launch. We know how expensive trading can get (especially for high volume traders) and we wanted to come out with a feature to ease the burden. Marketing is an important part of attracting users to the platform for a healthy trading ecosystem and thus deserves significant expenditure. Operational expenses are those essential to operating the business and include hiring, office space, training and more. Customer support is an area where we want to excel and thus will spend what is needed to deliver superior service to our users.

Renting Services

It is our mission to provide an abundance of tools, news articles, tutorials, and financial services to assist all users – from total novice to expert trader – in making informed decisions in this rapidly changing environment. Beaxy aims to create the ultimate all-in-one cryptocurrency exchange, with more tools at your disposal than ever before, and a user experience that is unmatched. The SEC’s action against Beaxy comes a week after the regulator charged crypto entrepreneur Justin Sun and three of his companies with engaging in wash trades with the Tronix (TRX) token. Additionally, the financial watchdog charged eight American celebrities for promoting TRX and/or BitTorrent tokens without disclosing that they were paid to do so. Setting up a Beaxy account is a an extremely simple endeavor that takes a matter of minutes. Of course setting up an account for buying and trading cryptocurrency will take a little bit longer because Beaxy requires users provide some amount of personal identification to avoid money laundering.

🎓 “We will reward brokers who make education practical and on time — not just pretty.”

Rewards include up to 12% apy and the potential to earn a piece of the fees the exchange makes everyday. Those who join via a referral code will be granted a Platinum level account (20% discount on trading fees) for a limited time period (60 days). If you use BXY to trade on our exchange you will be able to trade at a 50% discounted rate. You can save 50% off your already discounted trade rate by utilizing both of these features together!

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Yes, Beaxy has a partnership with Gunbot trading bot where Gunbot users can connect to Beaxy Exchange at no extra cost. They follow all KYC/AML policies and use Curv as the custodian for users’ funds and wallets. You can buy Bitcoin SV on Beaxy along with quite a few other cryptocurrencies. While Beaxy is registering the PLS beaxy exchange review token in jurisdictions that require it, PLS will be available to members whom reside in approved areas. Measures will be taken to ensure complete compliance by means of webcam, IP address, and KYC.

SEC Charges Beaxy’s Founder,

Beaxy has a tiered fee structure that starts at a 0.25% fixed fee per trade on market takers, meaning you take an already existing order off the book, and a 0.15% maker fee, meaning you put on order on the book. These rates are in line with most industry standards, especially as starting rates. These rates may be reduced by increasing your user level, which is accomplished by a combination of maintaining an average daily trading volume and/or (based on the table below) holding a certain quantity of Beaxy Coin (BXY) tokens on the exchange.

While Beaxy may not offer quite as many digital assets as Binance, and are missing some top 10 assets, they still offer a good number of cryptocurrencies for buying and trading on their exchange and are still adding more. This includes their native token Beaxy Coin (BXY), which we will look at in the fees section. So the agency is also accusing them of violating securities law by operating an unregistered exchange, broker and clearing agency, though the platform was described as defunct in another SEC case last year. While there is the option on Beaxy Exchange to receive a 50% discount in trading fees by using Beaxy tokens, there is another way to get discounted trading. Beaxy offers a competitive fee structure that is in line with most of the crypto market. As with other exchanges the fees get lower the more volume you trade and the more of their proprietary token you hold.

According to the SEC, Windysigned an agreement with Peterson and his companies in December 2019 to providemarket marking services for BXY. In May 2020, one of the firms signed asimilar agreement for a different digital asset. In addition, the SEC charged two managers, Nicholas Murphy and Randolph Bay Abbott, for operatingBeaxy Exchange as an unregistered exchange, broker and clearing agency throughWindy Inc. According to the regulator, Murphy and Abbot took over the reins ofBeaxy Exchange in October 2019 after convincing Hamazaspyan to resign as aresult of the unregistered sale of BXY and the misappropriation of customerfunds.

He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing. Yes, Beaxy is currently missing some top tier cryptocurrencies such as Polkadot (DOT), Cardano (ADA), and Stellar (XLM), all of which are top 10 assets. Currently, Beaxy does not compare to Binance, they offer nowhere near the same number of assets, and their volume is not even close. They are attempting to become as popular as Binance with their Beaxy Token trying to capture some of the same attention as Binance Coin (BNB) has. Customers of the exchange will be able to withdraw their assets within 24 hours after all user orders are canceled and balances are verified and are encouraged to do so within 30 days, the SEC said. “Trading on the platform hasbeen halted effective immediately to simplify the withdrawal and reconciliationprocess.

Our vision is to create a convenient, secure, all-in-one platform that helps to facilitate a world where cryptocurrencies are as accessible as fiat currencies. Beaxy hopes to play a pivotal role in this expedition by laying the framework for what an all-in-one exchange should be. Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos.

We strongly advise you to withdraw any remaining assets within 30 daysto avoid unnecessary complications and delays,” Beaxy announced. Furthermore, the US securitiesregulator in a complaint filed before a district court inIllinois, accused Brian Peterson and his companies of acting as marketmarkers for Beaxy; hence, acting as unregistered dealers. The companies areBraverock Investment, Future Digital Markets, Windy Financial and FutureFinancial. The parties, without admittingor denying the allegations, have also agreed to pay various amounts inpenalties to the SEC. This includes $79,200 in civil penalties to be paid by Windy, Abbot andMurphy. Moreover, the SEC said it will continue its litigation against Hamazaspyan for securitiesfraud, and both the Founder and Beaxy Digital for the unregistered offeringof BXY.